Poloniex Suffers MASSIVE Breach

November 10, 2023 10:06 am Comments

The Poloniex exchange suffered a massive breach on Friday.

The exchange, founded by Justin Sun of TRON fame, was hacked and drained of roughly $100 million in funds. Currently, the identity of the hacker is not known to Sun or the staff at Poloniex.

Justin Sun also announced that victims of the hack will be fully reimbursed by Poloniex and has even offered a 5% bug bounty to the hacker in exchange for the return of the stolen loot.

The hacker has seven days from now to return the stolen funds or face action from law enforcement, according to Justin Sun.

Here’s what we currently know about the latest hack to rock the crypto world:

Crypto Potato explained:

The incident was first flagged by blockchain expert PeckShield and was later confirmed by CertiK, noting the suspicious movement of funds from Poloniex’s hot wallet number 4.

Sun announced on Friday: “We are currently investigating the Poloniex hack incident. Poloniex maintains a healthy financial position and will fully reimburse the affected funds. Additionally, we are exploring opportunities for collaboration with other exchanges to facilitate the recovery of these funds.”

Sun also extended this offer to the hacker: “We are offering a 5% white hat bounty to the Poloniex hacker. Please return the funds to the following ETH/TRX/BTC wallets. We will give you 7 days to consider this offer before we engage law enforcement.”

According to Crypto Slate:

According to the platform, the attacker is buying TRX with USDC on Ethereum and Tether’s USDT on Tron blockchain. The attacker has bought over $22 million worth of TRX tokens as of press time.

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